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...By contrast, Breit struggled to cover its distribution with cash flow from operating activities, a metric that doesn’t include recurring property expenses like capital expenditure....
...Continuation funds can also be controversial with LPs, because they have to decide whether to lock up capital with a VC for another lengthy period or cash out potentially at a discount....
...“There are enough things in LPs’ portfolios that they can price at a smaller discount today and that makes them feel better,” Miller said....
...Blackstone’s credit and insurance division will buy the US credit card receivables from Barclays for an undisclosed sum, and the bank will continue to service the accounts for a fee....
...Free cash flow will include not just receivables and payables but also changes in inventory and capital expenditures, both of which do not classically run through the income statement....
...It is not clear how Concord will seek to deal with the existing management agreement. Concord has now secured backing from investors holding 31 per cent of the issued share capital of Hipgnosis....
...Blackstone already part owns Hipgnosis Song Management (HSM), the manager and investment adviser of Hipgnosis Songs Fund (HSF), although its new offer is separate to that holding....
...A month later, Grant Thornton US agreed to sell a 60 per cent stake to New Mountain Capital....
...In the filing, Zurich argues that Lex Greensill, Gupta and their companies were engaged in a “fraudulent scheme” where Greensill Capital made loans on the basis of receivables owed to Gupta’s GFG companies...
...Disney has also hired JPMorgan as an adviser in negotiations to buy the remaining stake of streaming service Hulu from rival Comcast....
...Apollo’s accounts receivable department never knowingly, or as a matter of practice, improperly billed any Apollo-managed funds for expenses that should have been accounted for as management company expenses...
...Apollo told him: “Apollo’s accounts receivable department never knowingly, or as a matter of practice, improperly billed any Apollo-managed funds for expenses that should have been accounted for as management...
...They’re trying to free up capital now, to be able to be ready to make some acquisitions of the banks that need help,” he said....
...“I think we’re still in the early stages of the recovery phase that will ultimately allow private equity investors to return capital....
“Does this seem like fair journalism to you?”
...It’s amazing to think quite how recently private capital management was a pretty-much-nothing industry. Back in 2003, the entire sector’s AUM was less than $500bn....
...The figures suggest that top managers prioritise careful deployment of investors’ capital, rather than making the fund as large as possible....
...It is now attempting to navigate the twists and turns towards retail capital. The latest effort is the semi-liquid buyout fund....
...One sign of this emerged on Monday, when FT calculations revealed that the leaders of entities such as Blackstone, KKR, Apollo Global, Ares Management and TPG enjoyed a more than $40bn rise in the value...
...“Firms desperately need capital to transform the business,” he said....
...“We intend to actively deploy this capital and our board and management team see compelling value in our shares,” chief financial officer John Redett said....
...Disney is facing proxy battles with Nelson Peltz’s Trian Partners and Blackwells Capital, which are seeking board seats and other changes aimed at boosting its share price....
...“The declining cost of capital with rates coming down and spreads coming down for real estate borrowing is very helpful.” *This story has been changed to correct the percentage figure...
...Blackwells Capital, the second activist, has put up its own slate of three directors for the board....
...Blackwells Capital, another activist, put three nominees forward, who were also denied in the vote....
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